§ 36.90 MATERIALITY POLICY.
   (A)   Enforcement. The Clerk-Treasurer, Town Council, employees, and agents shall enforce and comply with this subchapter on materiality and process for reporting material items and shall report noteworthy items to the State Board of Accounts.
   (B)   Reporting threshold for cash losses. The Clerk-Treasurer shall report to the State Board of Accounts any erroneous or irregular variances, losses, shortages, or thefts of cash in excess of $500. All erroneous or irregular variances, losses, shortages, or thefts of cash which occur more than one time in a month and which the aggregate total is $500 or more shall be reported immediately to the State Board of Accounts. Exceptions shall be made for inadvertent clerical errors that are identified timely and promptly corrected with no loss to the town.
   (C)   Reporting threshold for non-cash losses. The Clerk-Treasurer shall report promptly to the State Board of Accounts any erroneous or irregular variances, losses, shortages, or thefts of non-cash items in excess of $1,500 estimated market value, except for those resulting from inadvertent clerical errors or misplacements that are identified timely and promptly corrected with no loss to the town and except for losses from genuine accidents.
   (D)   Investigations. The town shall investigate all erroneous or irregular variances, losses, shortages, or thefts, regardless of whether they meet the materiality threshold established by this subchapter. Upon conclusion of each investigation, the town shall:
      (1)   Implement procedures designed to prevent the recurrence of such incidents; and
      (2)   Take appropriate disciplinary action against the employee responsible for the incident.
(Ord. 02-07-2017-1, passed 2-7-17)